Tanla Platforms hits record high; rises 30% in six days

Tanla Platforms hit an upper circuit of 5% at Rs 457.50, extending its winning run to sixth consecutive session.

Nov 19, 2020 09:11 IST capital market

The counter has jumped 30.17% in six trading days from its previous closing low of Rs 351.45 on 11 November 2020. The stock hit a record high level of Rs 457.50 in early deals today. It is up 1103% from its 52-week low of Rs 38 hit on 24 March 2020.

The stock was in demand after the company on 12 November 2020 announced that it has been added in MSCI India Domestic Small Cap Index.

On the technical front, the stocks RSI (relative strength index) stood at 86.2. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 306.26 and 228.25 respectively. These levels will act as crucial support zones in near term.

On a consolidated basis, Tanla Platforms posted a net profit of Rs 81.47 crore in Q2 September 2020 as against a net loss of Rs 47 crore in Q2 September 2019. Net sales gained 19.7% to Rs 583.25 crore in Q2 September 2020 over Q2 September 2019.

Tanla Platforms previously known as Tanla Solutions is a cloud communications provider based in Hyderabad, India. The company provides value-added services in the Cloud communications.

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